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A16
news
Sunday Guardian www.guardian.co.tt August 31, 2014
SEAN NERO
President of
the T&T Man-
ufacturers
Association
(TTMA)
Nicholas Lok
Jack is opti-
mistic about the
potential for
increased trade
between T&T
and Venezuela.
Commenting
on Venezuela s
participation in
the 15th annual Trade and Investment Convention
(TIC) at the Centre of Excellence, Macoya, in July,
Lok Jack said the business opportunities for this
country and Venezuela were now clearer.
In his review of TIC 2014, Lok Jack said Venezuela,
with a population of just over 20 million, was right
at this country s doorstep and sustainable trade should
be encouraged.
Lok Jack said the foreign contingent left T&T sat-
isfied that they had had a good show and the exhibitors
had preliminary figures in terms of what they believed
they had accomplished.
"If you get ten to 15 per cent being converted into
actual business then it is really worth it for the
exhibitor and for us as promoters of economic trade
and commerce," he said.
"Venezuela had a great pavilion. What it shows is
that Venezuela is open for trade and two-way trade.
Our issue is getting security of payment. That is
something that we have been speaking to the Minister
of Trade and the Minister of Finance about.
"Is Exim Bank going to be facilitating trade facilities
to Venezuela? That s important because there is a
market of 20 million people at our doorstep. How
do we attend to them? They have needs, we have
products. We have no problem trading two-way, but
let s see if we can get that started to build the con-
fidence going forward.
"Any business person will be weighing multiple
factors. They will be thinking about crime, they will
be thinking about risk, they will be thinking about
return. They will be thinking about what the market
potential has and what they can earn out of it. We
need to know how investors weigh our country. How
do we reduce any one of the risks? The more risk
we can reduce makes us more attractive."
Lok Jack said Venezuela s appetite for consumer
goods and T&T s readiness to meet those needs were
not the only things on his mind. There were also the
major triumphs for TIC---attracting over 100 per cent
of the exhibitors invited, and more than 50 per cent
new buyers, while providing fertile ground for SMEs.
"TIC was aimed at helping SMEs build capacity.
What we can t do is promise SMEs business, because
they are small. All businesses started small, but I
have seen some very innovative things. People are
bringing unique products with world-class packaging.
SMEs need to understand that in highly regulated
industries such as food and beverage they have to
start from the ground with proper operations, proper
standards and really move it from there."
TTMA
optimistic
about more
trade with
Venezuela
TTMA president
Nicholas Lok Jack
Exhibitors at this
year's Trade and
Investment
Convention at the
Centre of Excellence,
Macoya in July.
PHOTO: ABRAHAM DIAZ